Business News

Dar shares AIIB details in meeting with ADB

Latest Update: July 8, 2015 | 159 Views
ADB

ISLAMABAD: In a meeting with Asian Development Bank (ADB) Executive Director Sami Saeed, Minister for Finance Ishaq Dar shared details of his recent visit to Beijing where he signed Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) on behalf of the country.

According to a statement issued by the Finance Ministry, Dar exchanged views with Saeed on ADB’s development programmes in Pakistan. Saeed said that AIIB had an important role to play for infrastructure development in Asian countries, specifically Pakistan where the government was focused on energy, infrastructure and communication projects.

He said that the establishment of AIIB would help ADB in becoming more competitive and come up with better investment plans for its development partners.

He added that the government has implemented several positive measures for economic reforms and had earned the confidence of foreign investors who were eager to invest in mega projects in the country.

Saeed referred to Finance Minister’s meetings in Baku where he had presented Pakistan’s case for financing requirements in an emphatic manner and said that ADB was considering enhancing funding for Pakistan.

He informed the minister that on June 30, ADB had approved $225 million for flood affectees out of which 65% will be for retroactive financing. Another $400 million were ready to be disbursed to Pakistan after the Board approval under the Energy Sector Reforms Programme, he added.

He informed the Minister that ADB was planning to contribute towards “Disaster Management Fund” for Pakistan along with other donors to enhance the country’s capacity to guard against natural calamities.

AFP